Academic Standards for Economics

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Academic Standards for Economics"

Transcription

1 Academic Standards for June 1, 2009 FINAL Secondary Standards Pennsylvania Department of Education These standards are offered as a voluntary resource for Pennsylvania s schools and await action by the State Board of Education. The course level standards are offered as a voluntary resource for Pennsylvania s schools.

2 XVI. TABLE OF CONTENTS Introduction. XVII. THE ACADEMIC STANDARDS Scarcity and Choice..... A. Scarcity and Choice B. Limited Resources C. Opportunity Costs D. Incentives and Choice Markets and Economic Systems A. Goods and Services B. Market Competition C. Advertising and Media D. Price Determination E. Economic Health F. Private Economic Institutions G. Economic Systems Functions of Government... A. Goods and Services B. Government Involvement in the Economy C. Taxation D. Government s Role in International Trade

3 Economic Interdependence A. Specialization B. Trade C. Multinational Corporations and Non-Government Organizations D. Factors Contributing to Economic Interdependence Income, Profit, and Wealth.... A. Factors Influencing Wages B. Labor Productivity C. Types of Businesses D. Profits and Losses E. Distribution of Wealth F. Entrepreneurship G. Costs and Benefits of Saving H. Interest Rates Glossary. XVIII. 3

4 XVII. INTRODUCTION This document includes Academic Standards for that describe what students should know and be able to do in four areas: 6.1. Scarcity and Choice 6.2. Markets and Economic Systems 6.3. Functions of Government 6.4. Economic Interdependence 6.5. Income, Profit, and Wealth The Economic Standards describe what students should know and be able to do from third through twelfth grade. They reflect the increasing complexity and sophistication that students are expected to achieve as they progress through school. The document attempts to avoid repetition and to show a progression across grade levels. Topics and concepts in directly relate to Environment and Ecology Standard (4.2) and Geography Standard (7.3). In addition, economic topics can be found in Career and Work Standard (13.2, 13.3, and 13.4). As a social science, Standards should be integrated with related Civics and Government, Geography and History Standards to create an interdisciplinary view of the world. is concerned with the behavior of individuals and institutions engaged in the production, exchange and consumption of goods and services. As technology helps to reshape the economy, knowledge of how the world works is critical. People entering the workforce cannot function effectively without a basic knowledge how scarcity and choice affect the allocation of resources, how markets establish prices and the global nature of economic interdependence. These standards are intended to provide direction in learning how economic activity impacts the forces of everyday life. The Academic Standards for consist of four standard categories (designated as 6.1, 6.2, 6.3, and 6.4). Each category has a number of standard statements designated by a capital letter. The standard statements represent essential strands that reflect increased rigor across grade levels. These standard statements identify broad topics; the choice of specific content is a local decision as is the method of instruction., along with Civics and Government, Geography and History are identified as Social Studies in Chapter 4. This identification is consistent with citizenship education in Chapter 49 and Chapter 354. Based on these regulations, social studies/citizenship programs should include four sets of standards into curriculum and planned instruction. A glossary is included to assist the reader in clarifying terminology contained in the standards. 4

5 6.1. Scarcity and Choice GRADE U. 6.1.W. 6.1.C GRADE 12 Scarcity and Choice A. Analyze how choices are made because of scarcity. 6.1.U.A. Analyze how choices are made because of scarcity. 6.1.W.A. Analyze how choices are made because of scarcity. 6.1.C.A. Predict the long-term consequences of decisions made because of scarcity A. Predict the long-term consequences of decisions made because of scarcity. Limited Resources B. Identify the origin of resources and analyze the impact on the production of goods and services. Analyze how unlimited wants and limited resources affect decision making. 6.1.U.B. Analyze how conflict and cooperation among groups and organizations have impaced the control of limited resources in the United States. 6.1.W.B. Analyze how conflict and cooperation among groups and organizations have impaced the control of limited resources in the world. 6.1.C.B. Evaluate the economic reasoning behind a choice B. Evaluate the economic reasoning behind a choice. Evaluate effective allocation of resources for the production of goods and services. Opportunity Costs C. Explain the opportunity cost associated with government policies. 6.1.U.C. Analyze the opportunity cost of decisions made by individuals, businesses, communities, and nations. 6.1.W.C. Analyze the opportunity cost of decisions made by individuals, businesses, communities, and nations. 6.1.C.C. Explain the opportunity cost associated with government policies C. Analyze the opportunity cost of decisions made by individuals, businesses, communities, and nations. 5

6 6.1. Scarcity and Choice GRADE U. 6.1.W. 6.1.C GRADE 12 Incentives and Choice D. Explain how incentives cause people to change their behavior in predictable ways. 6.1.U.D. 6.1.W.D. 6.1.C.D D. Predict how changes in incentives may affect the choices made by individuals, businesses, communities, and nations. 6

7 6.2. Markets and Economic Systems GRADE U. 6.2.W. 6.2.C GRADE 12 Goods and Services A. Analyze the flow of goods and services in the national economy. 6.2.U.A. Analyze the flow of goods and services in the national economy. 6.2.W.A. Evaluate the flow of goods and services in an international economy. 6.2.C.A. Analyze the flow of goods and services in the national economy A. Evaluate the flow of goods and services in an international economy. Market Competition B. Explain how competition between buyers and sellers affects price. 6.2.U.B. 6.2.W.B. 6.2.C.B B. Analyze the effect of changes in the level of competition in different markets. 7

8 6.2. Markets and Economic Systems GRADE U. 6.2.W. 6.2.C GRADE 12 Advertising and Media C. Analyze how media affects economic decisions. 6.2.U.C. Evaluate the impact of advertising and media on individual and group behavior throughout United States history. 6.2.W.C. Evaluate the impact of advertising and media on individual and group behavior throughout world history. 6.2.C.C. Analyze how media affects economic decisions C. Predict and evaluate how media affects markets. Price Determination D. Explain the laws of supply and demand and how these affect the prices of goods and services. 6.2.U.D. Explain how the laws of supply and demand impacted individuals and groups behavior over time. 6.2.W.D. Explain how the laws of supply and demand impacted individuals and groups behavior over time. 6.2.C.D D. Predict how changes in supply and demand affect equilibrium price and quantity sold. 8

9 6.2. Markets and Economic Systems GRADE U. 6.2.W. 6.2.C GRADE 12 Economic Health E. Analyze the characteristics of economic expansion, recession, and depression. 6.2.U.E. Analyze the impact of the business cycle on idividual and group behavior over time. Analyze the characteristics of economic expansion, recession, and depression. 6.2.W.E. Analyze the impact of the business cycle on idividual and group behavior over time. Analyze the characteristics of economic expansion, recession, and depression. 6.2.C.E. Analyze the characteristics of economic expansion, recession, and depression E. Evaluate the health of an economy (local, regional, national, global) using economic indicators. Private Economic Institutions F. Analyze the functions of private economic institutions in the national economy. 6.2.U.F. Analyze the impact of private economic institutions on individuals and groups over time. 6.2.W.F. Analyze the impact of private economic institutions on individuals and groups over time. Standards C.) 6.2.C.F F. Evaluate the impact of private economic institutions on the individual, the national and the international economy. 9

10 6.2. Markets and Economic Systems GRADE U. 6.2.W. 6.2.C GRADE 12 Economic Systems G. Compare and contrast various economic systems. 6.2.U.G. Compare and contrast various economic systems. 6.2.W.G. Compare and contrast various economic systems. 6.2.C.G. Compare and contrast various economic systems G. Evaluate various economic systems. 10

11 6.3. Functions of Government GRADE U. 6.3.W. 6.3.C GRADE 12 Goods and Services A. Analyze the process through which government provides public goods and services. 6.3.U.A. 6.3.W.A. 6.3.C.A. Evaluate the costs and benefits of government decisions to provide public goods and services A. Evaluate the costs and benefits of government decisions to provide public goods and services. Government Involvement in the Economy B. Examine how and why the government acts to regulate and stabilize the state and national economy. 6.3.U.B. Analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the U.S. Ethnicity and Race Working conditions Immigration Military conflict Economic Stability (Reference History Standards D.) 6.3.W.B. Analyze how conflict and cooperation among groups and organizations have influenced the history and development of the world. Ethnicity and Race Working conditions Immigration Military conflict Economic Stability (Reference History Standards D.) 6.3.C.B. Assess the government's role in regulating and stabilizing the state and national economy B. Assess the government's role in regulating and stabilizing the state and national economy. 11

12 6.3. Functions of Government GRADE U. 6.3.W. 6.3.C GRADE 12 Taxation C. Compare and contrast the taxation policies of the local, state, and national governments. 6.3.U.C. Compare and contrast the taxation policies of the local, state, and national governments. 6.3.W.C. 6.3.C.C. Evaluate the social, political, and economic costs/benefits of potential changes to taxation policies C. Evaluate the social, political, and economic costs/benefits of potential changes to taxation policies. Governments Role in International Trade D. Explain why governments limit or promote international trade. 6.3.U.D. Analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the US. Ethnicity and Race Working conditions Immigration Military conflict Economic Stability (Reference History Standards D.) 6.3.W.D. Analyze how conflict and cooperation among groups and organizations have influenced the history and development of the world. Ethnicity and Race Working conditions Immigration Military conflict Economic Stability (Reference History Standards D.) 6.3.C.D. Explain why governments limit or promote international trade D. Evaluate the role that governments play in international trade. 12

13 6.4. Economic Interdependence GRADE U. 6.4.W. 6.4.C GRADE 12 Specialization A. Explain how specialization contributes to economic interdepence on a national and international level. 6.4.U.A. Explain how specialization contributes to economic interdepence on a national and international level. 6.4.W.A. Explain how specialization contributes to economic interdepence on a national and international level. 6.4.C.A. Explain how specialization contributes to economic interdepence on a national and international level A. Evaluate the comparative advantage of nations in the production of goods and services. Trade B. Explain how trade contributes to economic interdependence. 6.4.U.B. 6.4.W.B. Explain how trade contributes to economic interdependence. 6.4.C.B B. Assess the growth and impact of international trade around the world. 13

14 6.4. Economic Interdependence GRADE U. 6.4.W. 6.4.C GRADE 12 Multinational and Non-Government Organizations C. Explain the scope and influence of multinational corporations and other non-government organizations. 6.4.U.C. Compare the role groups and individuals played in the social, political, cultural, and economic development of the U.S. (Reference History Standards A.) 6.4.W.C. Compare the role groups and individuals played in the social, political, cultural, and economic development throughout world history. (Reference History Standards A.) 6.4.C.C. Evaluate the impact of multinational corporations and other non-government organizations C. Evaluate the impact of multinational corporations and other non-government organizations. 14

15 6.4. Economic Interdependence GRADE U. 6.4.W. 6.4.C GRADE 12 Economic Interdependence D. Explain how the level of development of transportation, communication networks, and technology affect economic interdependence. 6.4.U.D. Explain how the level of development of transportation, communication networks, and technology affect economic interdependence. 6.4.W.D. Explain how the level of development of transportation, communication networks, and technology affect economic interdependence. 6.4.C.D. Intentionally blank D. Analyze how changes in transportation, communication networks, and technology affect economic interdependence around the world in the 21 st century. 15

16 6.5. Income, Profit, and Wealth GRADE U. 6.5.W. 6.5.C GRADE 12 Factors Influencing Wages A. Define wages and explain how wages are determined in terms of supply and demand. 6.5.U.A. 6.5.W.A. 6.5.C.A A. Analyze the factors influencing wages. Labor Productivity B. Describe how productivity is measured and identify ways in which a person can improve his or her productivity. 6.5.U.B. Compare the role groups and individuals played in the social, political, cultural, and economic development of the U.S. (Reference History Standards A.) 6.5.W.B. 6.5.C.B B. Evaluate how changes in education, incentives, technology, and capital investment alter productivity. 16

17 6.5. Income, Profit, and Wealth GRADE U. 6.5.W. 6.5.C GRADE 12 Types of Businesses C. Identify and explain the characteristics of sole proprietorship, partnership, and corporation. 6.5.U.C. 6.5.W.C. 6.5.C.C C. Analyze the costs and benefits of organizing a business as a sole proprietorship, partnership, or corporation. Profits and Losses D. Analyze how risks influence business decision-making. 6.5.U.D. 6.5.W.D. 6.5.C.D D. Analyze the role of profits and losses in the allocation of resources in a market economy. Distribution of Wealth E. Define wealth and describe its distribution within and among the political divisions of the United States. 6.5.U.E. Define wealth and describe its distribution within and among the political divisions of the United States. 6.5.W.E. Compare distribution of wealth across nations. 6.5.C.E E. Compare distribution of wealth across nations. 17

18 6.5. Income, Profit, and Wealth GRADE U. 6.5.W. 6.5.C GRADE 12 Entrepreneurship F. Examine leading entrepreneurs in Pennsylvania and the United States in terms of the risks they took and the rewards they received. 6.5.U.F. Examine leading entrepreneurs in the United States in terms of the risks they took and the rewards they received. 6.5.W.F. 6.5.C.F F. Assess the impact of entrepreneurs on the economy. Costs and Benefits of Saving G. Compare and contrast the various financial tools available to savers. 6.5.U.G. 6.5.W.G. 6.5.C.G G. Analyze the risks and returns of various investments. Interest Rates H. Explain the impact of higher or lower interest rates for savers, borrowers, consumers, and producers. 6.5.U.H. 6.5.W.H. 6.5.C.H H. Evaluate benefits and costs of changes in interest rates for individuals and society. 18

19 XVIII. GLOSSARY Capital Resources: Comparative Advantage: Competition: Consumer: Corporation: Cost: The physical equipment used in the production of goods and services. Economic theory that a country/individual should sell goods and services which it can produce at relatively lower costs and buy goods and services which it can produce at relatively higher costs. The rivalry among people and/or business firms for resources and/or consumers. One who buys or rents goods or services and uses them. A business firm that is owned by stockholders and is a legal entity with rights to buy, sell, and make contracts. Its chief advantage is that each owner's liability is limited to the amount of money he or she has invested in the company. What is given up when a choice is made; monetary and/or non monetary. Demand: The different quantities of a resource, good, or service that potential buyers are willing and able to purchase at various prices during a specific time period. Depression: Division of Labor: Economic Systems: : A severe recession in terms of magnitude and/or length. A method of organizing production whereby each worker specializes in part of the productive process. The way societies organize to determine what goods and services should be produced, how goods and services should be produced and who will consume goods and services. Examples include traditional, command and market. The study of the behavior of individuals and institutions engaged in the production, distribution and consumption of goods and services. 19

20 Entrepreneur: One who organizes, manages, and assumes the risks of a business or enterprise. Equilibrium Price: Goods: Incentives: Interdependence: Market: The outlay at which quantity demanded equals quantity supplied; market clearing price. Objects that can satisfy people's wants. Factors that motivate or influence human behavior. Ideas, goods and services in one area affect decisions and events in other areas reducing self-sufficiency. A place or process through which goods and services are exchanged. Multinational Corporations: Corporations that produce goods or services in many countries as well as engage in international trade. Opportunity Cost: Price: Private Economic Institutions: Producer: Public Goods: Recession: Resources: Scarcity: The highest valued alternative given up when a decision is made. The amount people pay in exchange for a particular good or service. Non-government organizations that participate in economic activities (ex. banks, labor unions, businesses, etc.) One who makes goods or services. Goods and services provided by the government rather than by the private sector. Goods and services that more than one person can use without necessarily preventing others from using them. A contraction in National production that lasts six months or longer. A recession might be marked by job layoffs and high unemployment, stagnant wages, reductions in retail sales and slowing of housing and car markets. Inputs used to produce goods and services; categories include natural, human and capital. An economic condition that exists when demand is greater than supply. 20

21 Services: Specialization: Supply: Trade: Wants: Actions that are valued by others. A form of division of labor in which each individual or firm concentrates its productive efforts on a single or limited number of activities. The different quantities of a resource, good or service that potential sellers are willing and able to sell at various prices during a specific time period. Voluntary exchange between two parties in which both parties benefit. Desires that can be satisfied by consuming goods, services or leisure activities. 21

Academic Standards for Civics and Government

Academic Standards for Civics and Government Academic Standards for Civics and Government June 1, 2009 FINAL Secondary Standards Pennsylvania Department of Education These standards are offered as a voluntary resource for Pennsylvania s schools and

More information

FBLA: ECONOMICS. Competency: Basic Economic Concepts and Principles

FBLA: ECONOMICS. Competency: Basic Economic Concepts and Principles Competency: Basic Economic Concepts and Principles 1. Define money (characteristics, role, and forms) and trace how money and resources flow through the American economic system. 2. Utilize decision-making

More information

WorldView Software. Economics. West Virginia Correlation Document

WorldView Software. Economics. West Virginia Correlation Document WorldView Software Economics West Virginia Correlation Document 76 North Broadway, Suite 2002, Hicksville, NY 11801 516-681-1773 history@worldviewsoftware.com West Virginia Economics Standards Economics

More information

Economic Systems and Decision Making

Economic Systems and Decision Making Class: Date: Economic Systems and Decision Making Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. A great variety of goods and services is

More information

Economics. Social Studies Curriculum Framework. Revised 2006 Amended June 2009

Economics. Social Studies Curriculum Framework. Revised 2006 Amended June 2009 Economics Social Studies Curriculum Framework Revised 2006 Course Title: Economics Course/Unit Credit: 0.5 Course Number: 4743000 Teacher Licensure: Please refer to the Course Code Management System (https://adedata.arkansas.gov/ccms/)

More information

DRAFT SOCIAL STUDIES Georgia Standards of Excellence (GSE) Economics

DRAFT SOCIAL STUDIES Georgia Standards of Excellence (GSE) Economics DRAFT SOCIAL STUDIES Economics Economics Economics is the study of how individuals, businesses, and governments make decisions about the allocation of scarce resources. The economics course provides students

More information

Content Descriptions Economics/Business/Free Enterprise

Content Descriptions Economics/Business/Free Enterprise Content Descriptions Economics/Business/Free Enterprise The State Board of Education is required by Georgia law (A+ Educational Reform Act of 2000, O.C.G.A. 20-2-281) to adopt End-of-Course Tests (EOCT)

More information

Economics Test Out. What to bring: Pencils, student ID. Format: Multiple Choice and Essay

Economics Test Out. What to bring: Pencils, student ID. Format: Multiple Choice and Essay Economics Test Out What to bring: Pencils, student ID Format: Multiple Choice and Essay Students should focus on the standards identified in the Michigan Merit Curriculum. The test will require students

More information

Garfield Public Schools Social Studies Curriculum Economics

Garfield Public Schools Social Studies Curriculum Economics Garfield Public Schools Social Studies Curriculum Economics Revision Committee: David Gray Eric Giamongo Giovanni Luciano Meghan DeCarlo Donald Campeau Daniel Rigoglioso Doug Fede George Ibach Emilia Kata-Kardjian

More information

WorldView Software. Economics. South Carolina Correlation Document

WorldView Software. Economics. South Carolina Correlation Document WorldView Software Economics South Carolina Correlation Document 76 North Broadway, Suite 2002, Hicksville, NY 11801 516-681-1773 history@worldviewsoftware.com South Carolina Social Studies Economics WorldView

More information

2010 Alabama Course of Study for Social Studies - Economics & Common Core Standards for Literacy in History/Social Studies

2010 Alabama Course of Study for Social Studies - Economics & Common Core Standards for Literacy in History/Social Studies Two Correlations Economics Alabama Edition 2015 To the 2010 Alabama Course of Study for Social Studies - Economics & Common Core Standards for Literacy in History/Social Studies Table of Contents Alabama

More information

CHAPTER 2: THE MARKET SYSTEM AND THE CIRCULAR FLOW

CHAPTER 2: THE MARKET SYSTEM AND THE CIRCULAR FLOW CHAPTER 2: THE MARKET SYSTEM AND THE CIRCULAR FLOW Introduction The problem of scarcity forces societies to make choices about what to produce, how to produce those goods, and who will receive the goods

More information

Wells Fargo Hands on Banking & CEE National Content Standards Alignment

Wells Fargo Hands on Banking & CEE National Content Standards Alignment Standard 1: Scarcity Productive resources are limited. Therefore, people can not have all the goods and services they want; as a result, they must choose some things and give up others. Section 1 Savings

More information

GEORGIA PERFORMANCE STANDARDS Microeconomics

GEORGIA PERFORMANCE STANDARDS Microeconomics GEORGIA PERFORMANCE STANDARDS Microeconomics GEORGIA PERFORMANCE STANDARDS INTERNATIONAL ECONOMICS Microeconomic Concepts SSEMI1 The student will describe how households, businesses, and governments are

More information

Economic Resources and Systems

Economic Resources and Systems Chapter 2 Economic Resources and Systems Section 2.2 Economic Systems Click here to advance to the next slide. Read to Learn Describe the three basic economic questions each country must answer to make

More information

ec2ex1.rvw Practice Questions Exam 1 Spring 2007

ec2ex1.rvw Practice Questions Exam 1 Spring 2007 ec2ex1.rvw Practice Questions Economics 120 M. Babcock Exam 1 Spring 2007 1. The law of increasing costs states that: a) if the prices of all the resources devoted to the production of goods increase,

More information

Total Test Questions: 80 Levels: Grades Units of Credit:.50

Total Test Questions: 80 Levels: Grades Units of Credit:.50 DESCRIPTION This course focuses on the study of economic problems and the methods by which societies solve them. Characteristics of the market economy of the United States and its function in the world

More information

Types of Business & Business Ownership

Types of Business & Business Ownership CHAPTER Types of Business & Business Ownership Section 3.1 Types of Business Section 3.2 Types of Business Ownership SECTION Types of Business OBJECTIVES Identify the four main types of business Examine

More information

Prentice Hall Economics: Principles in Action 2003 Correlated to: Arkansas Social Studies Curriculum Framework (Grades 9-12)

Prentice Hall Economics: Principles in Action 2003 Correlated to: Arkansas Social Studies Curriculum Framework (Grades 9-12) Arkansas Social Studies Curriculum Framework (Grades 9-12) STRAND 3: PRODUCTION, DISTRIBUTION, AND CONSUMPTION Content Standard 1: Students will demonstrate an understanding that different economic systems

More information

Sole Proprietorships 8.1 notes

Sole Proprietorships 8.1 notes Sole Proprietorships 8.1 notes What role do sole proprietorships play in our economy? What are the advantages of a sole proprietorship? What are the disadvantages of a sole proprietorship? The Role of

More information

Social Science A Common Core of Standards [27.200]

Social Science A Common Core of Standards [27.200] Social Science A Common Core of Standards [27.200] All social science teachers shall be required to demonstrate competence in the common core of social science standards. In addition, each social science

More information

C. Resources - are factors of production that are used in the production of goods and services. Types of resources are:

C. Resources - are factors of production that are used in the production of goods and services. Types of resources are: I. CE.11a A. People make choices about how to use limited resources, decide the ownership of resources, and structure markets for the distribution of goods and services. B. Scarcity there is never enough

More information

Demand Equilibrium price Consumer sovereignty Elasticity Shortage Surplus

Demand Equilibrium price Consumer sovereignty Elasticity Shortage Surplus Social Studies AP Economics STANDARD SKILLS and CONCEPTS VOCABULARY Standard 1: Scarcity and Economic Reasoning Students will understand that productive resources are limited; therefore, people, institutions

More information

Chapter 6:Economies in Transition Economic systems: is a set of institutions for allocating resources and making choices to satisfy human wants.

Chapter 6:Economies in Transition Economic systems: is a set of institutions for allocating resources and making choices to satisfy human wants. Chapter 6:Economies in Transition Economic systems: is a set of institutions for allocating resources and making choices to satisfy human wants. Resource allocation is the assignment of resources to specific

More information

4. Which of the following are available in limited quantity and contribute to the problem of scarcity?

4. Which of the following are available in limited quantity and contribute to the problem of scarcity? 1. Given that resources are scarce: A) A "free lunch" is possible but only for a limited number of people B) Poor countries must make choices but rich countries do not have to make choices C) Opportunity

More information

Economics - Chapter 3 Notes

Economics - Chapter 3 Notes Economics - Chapter 3 Notes Section 1: Forms of Business Organizations There are three main forms of business organizations in the economy today the sole proprietorship, the partnership, and the corporation.

More information

PRINCIPLES OF ECONOMICS. Tomáš Hanák hanak.t@fce.vutbr.cz

PRINCIPLES OF ECONOMICS. Tomáš Hanák hanak.t@fce.vutbr.cz PRINCIPLES OF ECONOMICS Tomáš Hanák hanak.t@fce.vutbr.cz Course Curriculum Economics basic terms and relations Financial markets Principles of macroeconomic theory Macroeconomic policy Products and services

More information

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Chapter 9 Organizing Production - Sample Questions Please not that these questions include topics that will not be covered on the exam. Topics to be covered from this chapter include: Economic Profits

More information

Economics EOC Quiz Answer Key Fundamental Economic Concepts - (SSEF1) Resources And Scarcity, (SSEF2) Rational Decision Making, (SSEF3) Specialization

Economics EOC Quiz Answer Key Fundamental Economic Concepts - (SSEF1) Resources And Scarcity, (SSEF2) Rational Decision Making, (SSEF3) Specialization Economics EOC Quiz Answer Key Fundamental Economic Concepts - (SSEF1) Resources And Scarcity, (SSEF2) Rational Decision Making, (SSEF3) Specialization Student Name: Teacher Name: Heather Creamer 1) Which

More information

ENTREPRENEURSHIP I Curriculum Content Frameworks

ENTREPRENEURSHIP I Curriculum Content Frameworks ENTREPRENEURSHIP I Curriculum Content Frameworks Please note: All assessment questions will be taken from the knowledge portion of these frameworks. Prepared by Joyce Martindale, El Dorado High School

More information

FREEHOLD REGIONAL HIGH SCHOOL DISTRICT OFFICE OF CURRICULUM AND INSTRUCTION SOCIAL STUDIES DEPARTMENT ECONOMICS. Course Philosophy

FREEHOLD REGIONAL HIGH SCHOOL DISTRICT OFFICE OF CURRICULUM AND INSTRUCTION SOCIAL STUDIES DEPARTMENT ECONOMICS. Course Philosophy FREEHOLD REGIONAL HIGH SCHOOL DISTRICT OFFICE OF CURRICULUM AND INSTRUCTION SOCIAL STUDIES DEPARTMENT ECONOMICS Course Philosophy The study of is the cornerstone of adult life, both professionally and

More information

Economics EOC Quiz Answer Key Fundamental Economic Concepts - (SSEF4) Economic Systems, (SSEF5) Roles Of Government, (SSEF6) Productivity

Economics EOC Quiz Answer Key Fundamental Economic Concepts - (SSEF4) Economic Systems, (SSEF5) Roles Of Government, (SSEF6) Productivity Economics EOC Quiz Answer Key Fundamental Economic Concepts - (SSEF4) Economic Systems, (SSEF5) Roles Of Government, (SSEF6) Productivity Student Name: Teacher Name: Heather Creamer 1) In a command economy,

More information

TEST on SOL: CE.11 Economic Concepts 40 Questions

TEST on SOL: CE.11 Economic Concepts 40 Questions TEST on SOL: CE.11 Economic Concepts 40 Questions 1. Scarcity means that A. there is plenty for everyone. B. inflation is up. C. supply and demand are at market equilibrium. D. we are unable to satisfy

More information

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) All economic questions arise from the fact that A) inflation is inevitable. B) both wants and resources

More information

Intro to Business Chapter 2: Economic Systems UNIT TEST. Name: Period: Date:

Intro to Business Chapter 2: Economic Systems UNIT TEST. Name: Period: Date: Vocabulary Identification Word Bank 1. BUSINESS 2. MARKET ECONOMY 3. Scarcity 4. ECONOMIC SYSTEM 5. VOLUNTARY EXCHANGE 7. DIRECTED OR 8. CUSTOM-BASED PLANNED ECONOMY ECONOMY 6. COMPETITION 9. CAPITALISM

More information

PBL: Economic Analysis & Decision Making. Competency: Comparative Economic Systems. Competency: History of Economic Thought

PBL: Economic Analysis & Decision Making. Competency: Comparative Economic Systems. Competency: History of Economic Thought Competency: Comparative Economic Systems 1. Use basic economic concepts (e.g., supply and demand; production, distribution, and consumption; labor, wages, and capital; inflation and deflation; market economy

More information

Aggregate Demand and Aggregate Supply

Aggregate Demand and Aggregate Supply Demand and Supply Chapter 31 Copyright 21 by Harcourt, Inc. All rights reserved. Requests for permission to make copies of any part of the work should be mailed to: Permissions Department, Harcourt College

More information

Chapter 118. Texas Essential Knowledge and Skills for Economics with Emphasis on the Free Enterprise System and Its Benefits

Chapter 118. Texas Essential Knowledge and Skills for Economics with Emphasis on the Free Enterprise System and Its Benefits High School 118.A. Chapter 118. Texas Essential Knowledge and Skills for Economics with Emphasis on the Free Enterprise System and Its Benefits Subchapter A. High School Statutory Authority: The provisions

More information

THE MARKET OF FACTORS OF PRODUCTION

THE MARKET OF FACTORS OF PRODUCTION THE MARKET OF FACTORS OF PRODUCTION The basis of the economy is the production of goods and services. Economics distinguishes between 3 factors of production which are used in the production of goods:

More information

North Carolina Essential Standards Eighth Grade Social Studies

North Carolina Essential Standards Eighth Grade Social Studies North Carolina s Eighth Grade Social Studies North Carolina and the United States: Creation and Development of the State and Nation Historical study connects students to the enduring themes and issues

More information

At the end of Chapter 10, you will be able to answer the following:

At the end of Chapter 10, you will be able to answer the following: 1 Objectives for Chapter 10 The Circular Flow Model At the end of Chapter 10, you will be able to answer the following: 1. Explain the basic circular flow model. 2. Define "consumption" and "saving" 3.

More information

Learner Guide. Cambridge IGCSE Economics

Learner Guide. Cambridge IGCSE Economics Learner Guide Cambridge IGCSE Economics 0455 Cambridge International Examinations retains the copyright on all its publications. Registered Centres are permitted to copy material from this booklet for

More information

Presentation Notes Business Economics in the Human Services Industry

Presentation Notes Business Economics in the Human Services Industry Slide 1 Page1 Slide 2 Copyright Copyright Texas Education Agency, 2015. These Materials are copyrighted and trademarked as the property of the Texas Education Agency (TEA) and may not be reproduced without

More information

Economics Test. Name: Class: Date:

Economics Test. Name: Class: Date: Class: Date: Economics Test Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. Answer 80 Multiple Choice questions and two Short Answer questions

More information

SCARCITY SCARCE RESOURCES

SCARCITY SCARCE RESOURCES PREFACE The study of economics requires an understanding of major economic concepts and systems, the principles of economic decision-making, and the interdependence of economies and economic systems throughout

More information

Economic Systems. Economic Systems. Business Management. We will compare economic systems, free markets, and economic-political systems.

Economic Systems. Economic Systems. Business Management. We will compare economic systems, free markets, and economic-political systems. Economic Systems Business Management Economic Systems OBJECTIVE We will compare economic systems, free markets, and economic-political systems. ESSENTIAL QUESTIONS Describe the similarities and difference

More information

Potential GDP and Economic Growth

Potential GDP and Economic Growth Potential GDP and Economic Growth CHAPTER17 C H A P T E R C H E C K L I S T When you have completed your study of this chapter, you will be able to 1 Explain the forces that determine potential GDP and

More information

Unit 1: Fundamental Concepts. Types of Economic Systems. Types of Economic Systems

Unit 1: Fundamental Concepts. Types of Economic Systems. Types of Economic Systems Unit 1: Fundamental Concepts 1-2 Economic Systems 1 Ch. 2 Types of Economic Systems An economic system is the way in which a society uses its resources to satisfy its people s unlimited wants. An economic

More information

Virtual Enterprise COURSE OUTLINE

Virtual Enterprise COURSE OUTLINE Virtual Enterprise COURSE OUTLINE 1. Course Title: Virtual enterprise 2. CBEDS Title: Small Business Ownership & Management 3. CBEDS Number: 4121 4. Job Titles: Purchasing Agents Bookkeeping, Accounting,

More information

7-11 sample test questions

7-11 sample test questions Name: Class: _ Date: _ ID: A 7-11 sample test questions Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Why does a perfectly competitive market require

More information

Review for the Midterm Exam.

Review for the Midterm Exam. Review for the Midterm Exam. 1. Chapter 1 The principles of decision making are: o People face tradeoffs. o The cost of any action is measured in terms of foregone opportunities. o Rational people make

More information

Economic Freedom. Market Failure. Market Failure. Market Failures. Externalities. Externalities. Chapter 14 Externalities

Economic Freedom. Market Failure. Market Failure. Market Failures. Externalities. Externalities. Chapter 14 Externalities Market Failure Chapter 14 Externalities Economic Freedom Economic freedom refers to the degree to which private individuals are able to carry out voluntary exchange without government involvement. The

More information

Fundamental Economic Factors

Fundamental Economic Factors Classical Model Real business cycle theory seeks to explain business cycles via the classical model. There is general equilibrium: demand equals supply in every market. An ideological conviction underlies

More information

Augusta Canal National Heritage Area Grades 9-12 Social Studies/Economics/History/Language Arts Lesson Plans. Stage 1 Desired Results

Augusta Canal National Heritage Area Grades 9-12 Social Studies/Economics/History/Language Arts Lesson Plans. Stage 1 Desired Results Title: Banking on the Canal Instructional Time: 12 hrs. Big Ideas: Scarcity, Productive Resources, Opportunity Costs, Production Possibility Frontier, Economic Systems, Types of Businesses, Normative Versus

More information

1. An economic institution that combines factors of production into outputs for consumers is a(n): A) industry. B) plant. C) firm. D) multinational.

1. An economic institution that combines factors of production into outputs for consumers is a(n): A) industry. B) plant. C) firm. D) multinational. Miami Dade College ECO 2023 Principles of Microeconomics Summer B 2014 Practice Test #3 1. An economic institution that combines factors of production into outputs for consumers is a(n): A) industry. B)

More information

MONEY & BANKING. Objectives. Determinants of asset demand. Week 3: The behavior of Interest rates Chapter 5

MONEY & BANKING. Objectives. Determinants of asset demand. Week 3: The behavior of Interest rates Chapter 5 MONEY & BANKING Week 3: The behavior of Interest rates Chapter 5 1 Objectives Introduce the theory of asset demand Explain the determination of the interest rate using Demand and supply curves Understand

More information

What Is an Entrepreneur?

What Is an Entrepreneur? Everyday Economics Lesson Description In this lesson, students will be introduced to entrepreneurs as a resource and explore their function in the economy. Through a series of interactives, students will

More information

FBLA: GLOBAL BUSINESS

FBLA: GLOBAL BUSINESS Competency: Basic International Concepts 1. Define international business and explain terms and concepts related to international business and marketing. 2. Compare and contrast the types of economic systems.

More information

Chapter 6 Supply, Demand, and Government Policies

Chapter 6 Supply, Demand, and Government Policies Chapter 6 Supply, Demand, and Government Policies Review Questions Using supply-demand diagrams, show the difference between a non-binding price ceiling and a binding price ceiling in the wheat market.

More information

Economics analyzing the roles of money and banking in an economic system explaining the basic features of market structures and exchanges

Economics analyzing the roles of money and banking in an economic system explaining the basic features of market structures and exchanges TITLE: Saving, Investing, and the Invisible Hand PRIMARY SUBJECT AREAS: High School Economics GRADE LEVELS: 9-12 OVERVIEW: This lesson explains how financial institutions in a market economy channel savings

More information

To the Student: After your registration is complete and your proctor has been approved, you may take the Credit by Examination for MONEY 1A.

To the Student: After your registration is complete and your proctor has been approved, you may take the Credit by Examination for MONEY 1A. MONEY 1A Money Matters, First Semester #8383 (v.1.0) To the Student: After your registration is complete and your proctor has been approved, you may take the Credit by Examination for MONEY 1A. ABOUT THE

More information

9.1 PERSONAL FINANCIAL LITERACY

9.1 PERSONAL FINANCIAL LITERACY STRAND A: 9.1.4.A.1 9.1.4.A.2 9.1.4.A.3 9.1.8.A.1 9.1.8.A.2 9.1.8.A.3 9.1.8.A.4 9.1.8.A.5 9.1.8.A.6 9.1.8.A.7 9.1.12.A.1 9.1.12.A.2 9.1.12.A.3 9.1.12.A.4 9.1.12.A.5 9.1.12.A.6 9.1.12.A.7 9.1.12.A.8 9.1.12.A.9

More information

What type of business should I start?

What type of business should I start? LESSON 13 What type of business should I start? TIME REQUIRED: Two Class Periods CONCEPTS: Economic Institutions Sole Proprietorship Partnership Corporation INSTRUCTIONAL OBJECTIVES: Students will: Describe

More information

Accounting Upper Secondary Syllabus

Accounting Upper Secondary Syllabus Accounting Upper Secondary Syllabus Papua New Guinea Department of Education Issued free to schools by the Department of Education Published in 2008 by the Department of Education, Papua New Guinea Copyright

More information

Subject CT7 Business Economics Core Technical Syllabus

Subject CT7 Business Economics Core Technical Syllabus Subject CT7 Business Economics Core Technical Syllabus for the 2016 exams 1 June 2015 Aim The aim of the Business Economics subject is to introduce students to the core economic principles and how these

More information

Student Name: Date: Teacher Name: Heather Creamer. Score:

Student Name: Date: Teacher Name: Heather Creamer. Score: Economics EOC Quiz Answer Key Microeconomic Concepts - (SSEMI1) Flow Of Goods, (SSEMI2) Law Of Demand, (SSEMI3) Economic Behavior, (SSEMI4) Organization And Role Of Business Student Name: Teacher Name:

More information

Geneva CUSD 304 Content-Area Curriculum Frameworks Grades 6-12 Business

Geneva CUSD 304 Content-Area Curriculum Frameworks Grades 6-12 Business Geneva CUSD 304 Content-Area Curriculum Frameworks Grades 6-12 Business Mission Statement In the Business Department, our mission is to: Provide a variety of subject areas. Introduce students to current

More information

Opportunity Cost the next best alternative given up when a choice is made Incentive- a reason for doing something.

Opportunity Cost the next best alternative given up when a choice is made Incentive- a reason for doing something. AP Macroeconomics Unit 2 Lesson 1: Key Idea: The study of economics exists because of scarcity. Scarcity forces us to choose between various alternatives (trade-offs). All choices have costs (opportunity

More information

Lesson 10 - The Circular Flow of Economic Activity

Lesson 10 - The Circular Flow of Economic Activity Lesson 0 - The Circular Flow of Economic Activity INTRODUCTION Economics The circular flow of economic activity is a simplified macroeconomic model of the basic economic relationships in a market economy.

More information

WHAT IS ECONOMICS. MODULE - 1 Understanding Economics OBJECTIVES 1.1 MEANING OF ECONOMICS. Notes

WHAT IS ECONOMICS. MODULE - 1 Understanding Economics OBJECTIVES 1.1 MEANING OF ECONOMICS. Notes 1 WHAT IS Economics as a subject has assumed great importance in the field of social science. In our day to day life we use a lot of economic concepts such as goods, market, demand, supply, price, inflation,

More information

This lesson plan is from the Council for Economic Education's publication:

This lesson plan is from the Council for Economic Education's publication: This lesson plan is from the Council for Economic Education's publication: Mathematics and Economics: Grades 3-5 To purchase Mathematics and Economics: Grades 3-5, visit: http://store.councilforeconed.org/mathandecon35.html

More information

Chapter 1: An Economic Way of Thinking

Chapter 1: An Economic Way of Thinking Chapter 1: An Economic Way of Thinking Objectives p. 002 EPF.1 The student will demonstrate knowledge of basic economic concepts and structures by describing how consumers, businesses, and government decision

More information

The Economic Environment for Business

The Economic Environment for Business B. FINANCIAL MANAGEMENT ENVIRONMENT 1. The economic environment for business 2. The nature and role of financial markets and institutions The Economic Environment for Business What are the targets of macroeconomic

More information

Aggregate Supply and Aggregate Demand

Aggregate Supply and Aggregate Demand Aggregate Supply and Aggregate Demand Econ 120: Global Macroeconomics 1 1.1 Goals Goals Specific Goals Be able to explain GDP fluctuations when the price level is also flexible. Explain how real GDP and

More information

Chapter 3 AGGREGATE DEMAND AND

Chapter 3 AGGREGATE DEMAND AND Chapter 3 AGGREGATE DEMAND AND AGGREGATE G SULY Dr. Mohammed Alwosabi The aggregate demand and aggregate supply (-AS) model determines RGD and GD Deflator and helps us understand the performance of three

More information

AS Economics Unit 1: Markets and Market Failure Syllabus, Key Terms & Charts

AS Economics Unit 1: Markets and Market Failure Syllabus, Key Terms & Charts AS Economics Unit 1: Markets and Market Failure Syllabus, Key Terms & Charts 10.1 The Economic Problem The Nature and Purpose of Economic Activity The central purpose of economic activity is the production

More information

Chapter 11 Keynesianism: The Macroeconomics of Wage and Price Rigidity

Chapter 11 Keynesianism: The Macroeconomics of Wage and Price Rigidity Chapter 11 Keynesianism: The Macroeconomics of Wage and Price Rigidity Multiple Choice Questions 1. Keynesians are skeptical of the classical theory that recessions are periods of increased mismatch between

More information

Business Name. Student Entrepreneur Name. Template provided by NFTE

Business Name. Student Entrepreneur Name. Template provided by NFTE Business Name (Logo & Slogan) Student Entrepreneur Name Template provided by NFTE Business Profile Explain your business and why you selected it Type of Business : Service, Retail, Manufacturing,Wholesale

More information

PROGRAM CONCENTRATION: Marketing Sales & Service. Marketing Pathways International Business & Marketing

PROGRAM CONCENTRATION: Marketing Sales & Service. Marketing Pathways International Business & Marketing PROGRAM CONCENTRATION: Marketing Sales & Service CAREER PATHWAY: Optional Course for All Marketing Pathways COURSE TITLE: International Business & Marketing International business and marketing will focus

More information

Common Sense Economics Part II. Seven Major Sources of Economic Progress Practice Test Multiple Choice Questions

Common Sense Economics Part II. Seven Major Sources of Economic Progress Practice Test Multiple Choice Questions Common Sense Economics Part II. Seven Major Sources of Economic Progress Practice Test Multiple Choice Questions 1. Why is private ownership an important source of economic prosperity? a. It eliminates

More information

Interview an Entrepreneur Activity

Interview an Entrepreneur Activity Time Required: 45 minutes Grade Level: 3rd - 5th grades Skills for the 21 st Century Marketplace Activity Written by: Sally Carlson Last Modified: 04/13/11 Interview an Entrepreneur Activity Infusionomics

More information

Economics 100 Quiz 1 Fall The fundamental economic problem faced by all societies is: a. unemployment c. poverty b. inequality d.

Economics 100 Quiz 1 Fall The fundamental economic problem faced by all societies is: a. unemployment c. poverty b. inequality d. Economics 100 Quiz 1 Fall 2000 1. The fundamental economic problem faced by all societies is: a. unemployment c. poverty b. inequality d. scarcity 2. "Capitalism" refers to: a. the use of markets c. private

More information

Stock Market Game Test

Stock Market Game Test Stock Market Game Test A test of basic economic concepts and institutions related to saving, investing, risk, the stock market, and productivity 1. A personal investment such as purchasing stocks or corporate

More information

Career and Financial Management (2003 Curriculum)

Career and Financial Management (2003 Curriculum) Career and Financial Management (2003 Curriculum) The recently created course tentatively entitled "Career and Financial Management" is a one-half unit requirement that will replace the current Introduction

More information

PBL: MICROECONOMICS. Competency: Capital and Natural Resource Markets

PBL: MICROECONOMICS. Competency: Capital and Natural Resource Markets Competency: Capital and Natural Resource Markets 1. Describe how firms determine the quantity of resources to use and what determines resource supply in competitive markets and imperfectly competitive

More information

Chapter 6 Prices. 1. Combining Supply and Demand 2. Changes in the Market Equilibrium 3. The Role of Prices

Chapter 6 Prices. 1. Combining Supply and Demand 2. Changes in the Market Equilibrium 3. The Role of Prices Chapter 6 rices 1. Combining Supply and Demand 2. Changes in the Market quilibrium 3. The Role of rices What is the right price customers will pay? Answer... What ever Bob Barker tells them! Drew Carry!

More information

8 TH GRADE VOCABULARY TERM Ms. pratt

8 TH GRADE VOCABULARY TERM Ms. pratt 8 TH GRADE VOCABULARY TERM Ms. pratt Term Purposes of Business Profit Profit motive Competition Needs Wants Consumer Goods Services Money that remains after a business has paid for the expenses of running

More information

Chapter 29 Aggregate Demand and Aggregate Supply QUESTIONS

Chapter 29 Aggregate Demand and Aggregate Supply QUESTIONS Chapter 29 Aggregate Demand and Aggregate Supply QUESTIONS 1. Why is the aggregate demand curve downsloping? Specify how your explanation differs from the explanation for the downsloping demand curve for

More information

JA BizTown Vocabulary

JA BizTown Vocabulary JA BizTown Vocabulary Unit 1 Community and Economy Citizen A member of a town, city, country, state or country. Community A place where people live, work, trade and share. Trade Exchange of goods and services,

More information

Forms of Ownership. Entrepreneurship. Mr. Rodrigues

Forms of Ownership. Entrepreneurship. Mr. Rodrigues Forms of Ownership Entrepreneurship Mr. Rodrigues Objectives Identify the significance of business ownership to the entrepreneurial process. Identify and discuss forms of business ownership Identify and

More information

2 0 0 0 E D I T I O N CLEP O F F I C I A L S T U D Y G U I D E. The College Board. College Level Examination Program

2 0 0 0 E D I T I O N CLEP O F F I C I A L S T U D Y G U I D E. The College Board. College Level Examination Program 2 0 0 0 E D I T I O N CLEP O F F I C I A L S T U D Y G U I D E College Level Examination Program The College Board Principles of Macroeconomics Description of the Examination The Subject Examination in

More information

This lesson was made possible with the assistance of the following organisations:

This lesson was made possible with the assistance of the following organisations: 7 MODULE 2: Fundamentals of Economics in Economics LESSON 2: Basic Principles of Economics TIME: 1 hour 36 minutes AUTHOR: Prof. Francis Wambalaba This lesson was made possible with the assistance of the

More information

CHAPTER 7: AGGREGATE DEMAND AND AGGREGATE SUPPLY

CHAPTER 7: AGGREGATE DEMAND AND AGGREGATE SUPPLY CHAPTER 7: AGGREGATE DEMAND AND AGGREGATE SUPPLY Learning goals of this chapter: What forces bring persistent and rapid expansion of real GDP? What causes inflation? Why do we have business cycles? How

More information

Supplement Unit 1. Demand, Supply, and Adjustments to Dynamic Change

Supplement Unit 1. Demand, Supply, and Adjustments to Dynamic Change 1 Supplement Unit 1. Demand, Supply, and Adjustments to Dynamic Change Introduction This supplemental highlights how markets work and their impact on the allocation of resources. This feature will investigate

More information

Economics Course Title

Economics Course Title Economics Course Title Course-wide Enduring Understandings Economic decision- making requires making choices about cost, benefits and allocation of resources. Economic systems develop and change because

More information

Module 2 Glossary. The general rise of prices over time.

Module 2 Glossary. The general rise of prices over time. Module 2 Glossary Term Inflation Aggressive Investment Risk Definition The general rise of prices over time. High risk. Examples: Stocks, Futures Asset allocation Distribution of investment money. Younger

More information

Chapter 7: Classical-Keynesian Controversy John Petroff

Chapter 7: Classical-Keynesian Controversy John Petroff Chapter 7: Classical-Keynesian Controversy John Petroff The purpose of this topic is show two alternative views of the business cycle and the major problems of unemployment and inflation. The classical

More information

CHAPTER 20 GROSS DOMESTIC PRODUCT ACCOUNTING

CHAPTER 20 GROSS DOMESTIC PRODUCT ACCOUNTING CHAPTER 20 GROSS DOMESTIC PRODUCT ACCOUNTING Chapter in a Nutshell Gross domestic product was introduced in the previous chapter as a basic measure of macroeconomic performance. This chapter identifies

More information

Review chapters 19, 20, 21,22, 23, 24, 8 Know how to compute the tax burden on consumers and on producers, given pre-tax equilibrium price and

Review chapters 19, 20, 21,22, 23, 24, 8 Know how to compute the tax burden on consumers and on producers, given pre-tax equilibrium price and Review chapters 19, 20, 21,22, 23, 24, 8 Know how to compute the tax burden on consumers and on producers, given pre-tax equilibrium price and post-tax equilibrium price: Consumer tax burden equals (post-tax

More information

Part III: Background to the Modern Period

Part III: Background to the Modern Period 1 Part III: Background to the Modern Period 1900-1945 Objectives for Chapter 11: 1900 to 1929 At the end of Chapter 11, you will be able to answer the following: 1. Briefly describe the main economic trends

More information